DE HB429

Adds "guaranteed asset protection waiver" as a defined term in Delaware Code Title 18, covering contractual agreements where creditors cancel or waive amounts due on motor vehicle finance agreements in case of total physical damage loss or unrecovered theft.

Expands the definition to include waivers of excess wear and use charges owed by borrowers under motor vehicle lease contracts when the vehicle is returned at lease termination.

Clarifies that "service contract" includes reduction of amounts due on consumer finance agreements resulting from total physical damage loss or unrecovered theft of a motor vehicle.

Establishes that guaranteed asset protection waivers, service contracts, vehicle theft protection product warranties, and maintenance agreements are exempt from state insurance regulation and insurance laws unless expressly made applicable.